Orion Engineered Carbons SA (NYSE: OEC) shares surged 5.39% in the after-hours session on Wednesday, following the company's impressive fourth-quarter earnings report. The specialty chemical company reported adjusted earnings per share of $0.35, significantly beating analysts' consensus estimate of $0.22.
The better-than-expected results were driven by robust performance in the company's Specialty Carbon Black segment, which saw a 9.1% year-over-year increase in volume and a 43.7% jump in adjusted EBITDA. The segment's strong performance was partially offset by lower demand in the Rubber Carbon Black segment, particularly in the Americas region.
Although net sales declined 7.3% year-over-year to $434.2 million, missing estimates of $437.02 million, the company's cost-cutting measures and operational efficiencies helped maintain profitability. Orion also announced a share repurchase program, buying back nearly 2% of outstanding shares in 2024.
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